William Blair Lowers Nuvei (NASDAQ:NVEI) to Market Perform

William Blair downgraded shares of Nuvei (NASDAQ:NVEIFree Report) from an outperform rating to a market perform rating in a research note published on Monday, Zacks.com reports.

Several other brokerages also recently issued reports on NVEI. Canaccord Genuity Group lowered their price target on Nuvei from $40.00 to $34.00 and set a buy rating for the company in a report on Tuesday. Scotiabank reaffirmed a sector perform rating and set a $34.00 price objective on shares of Nuvei in a research report on Tuesday. Raymond James upped their price objective on Nuvei from $27.00 to $30.00 and gave the stock an outperform rating in a research report on Thursday, March 7th. National Bankshares upped their price objective on Nuvei from $23.00 to $30.00 and gave the stock an outperform rating in a research report on Friday, January 26th. Finally, Barclays started coverage on Nuvei in a research report on Wednesday, December 20th. They set an overweight rating and a $34.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $31.88.

Read Our Latest Stock Analysis on NVEI

Nuvei Stock Down 0.5 %

Shares of Nuvei stock opened at $32.26 on Monday. Nuvei has a 1 year low of $13.32 and a 1 year high of $43.81. The business has a 50-day moving average of $26.07 and a two-hundred day moving average of $21.99. The company has a market capitalization of $4.50 billion, a P/E ratio of -537.58, a price-to-earnings-growth ratio of 1.95 and a beta of 2.68. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.05 and a quick ratio of 1.05.

Nuvei (NASDAQ:NVEIGet Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.06. Nuvei had a positive return on equity of 6.64% and a negative net margin of 0.66%. The company had revenue of $321.52 million during the quarter, compared to the consensus estimate of $319.60 million. As a group, equities analysts predict that Nuvei will post 1.27 EPS for the current year.

Nuvei Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Tuesday, March 19th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, March 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. Nuvei’s payout ratio is -666.56%.

Institutional Trading of Nuvei

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of Nuvei by 12.8% during the third quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock worth $114,248,000 after purchasing an additional 865,984 shares during the period. Capital International Investors increased its stake in shares of Nuvei by 102.5% during the first quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock worth $546,607,000 after purchasing an additional 3,679,400 shares during the period. Vanguard Group Inc. increased its stake in shares of Nuvei by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 2,282,672 shares of the company’s stock worth $59,943,000 after purchasing an additional 54,472 shares during the period. Sylebra Capital LLC increased its stake in shares of Nuvei by 281.8% during the fourth quarter. Sylebra Capital LLC now owns 2,060,386 shares of the company’s stock worth $54,106,000 after purchasing an additional 1,520,721 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Nuvei by 21.9% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,194,800 shares of the company’s stock worth $17,922,000 after purchasing an additional 214,800 shares during the period. 42.45% of the stock is owned by institutional investors and hedge funds.

About Nuvei

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Nuvei Corporation provides payment technology solutions to merchants and partners in North America, Europe, the Middle East and Africa, Latin America, and the Asia Pacific. The company's platform enables customers to pay and/or accept payments worldwide regardless of the location, device, or preferred payment method.

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